Hong Kong-listed NagaCorp has announced that Chen Cherchi, one of the sons of the group’s late founder Chen Lip Keong, will stop serving as Chief Executive Officer – Finance and Treasury, and in any other executive position in the group, effective from May 16th.
Chen Cherchi will also no longer hold any position with the company or its subsidiaries, including as director of NagaGroup Global Limited and NagaCap Limited.
Founded by Chen Lip Keong in 1995, Hong Kong-listed NagaCorp operates NagaWorld, the largest casino resort in Indochina and casino monopoly license holder in the nation’s capital of Phnom Penh.
In 2022 the company announced a shake-up in its leadership future cornered on the 74-year old founder, who held the CEO and executive director role, as part of plans for an eventual handover.
Under the re-designation, Chen Lip Keong moved to the position of senior chief executive officer, with some of his sons taking up joint CEO positions responsible for various aspects of the business.
One of his sons, Chen Yiy Fon, took the role of CEO of operations, with Chen Cherchi becoming CEO of Finance and Treasury, and a third son, Chen Yiy Hwuan, appointed CEO of hotels.
A fourth son, Chen Yepern, continued leading the environmental, social and governance (ESG) activities of the group.
After the group’s founder passed away last year, Chen Yiy Fon was redesignated as Chief Executive Officer of the group with effect from December 10th, 2023.
At the time it was indicate that the Sakai Trust, a family trust established by the deceased founder of NagaCorp, continued to hold directly and indirectly about 69.26 percent of the gaming group.
In the dispatch announcing the exit of, NagaCorp’s Board of Directors stated that it ‘periodically reviews the composition of and the delegated function and work tasks to the senior management’ from time to time, to ‘streamline internal corporate governance and management structure’ and effectively carry out the group’s business strategies.
The board also underlined that there might be a ‘possible disagreement over the termination of his employment’. Aside from this major sticking point, the group indicated that Cherchi has ‘no other disagreement with the Board’.
No replacement for Chen Cherchi was indicated in the group’s May 16th dispatch.
Currently Chen Yiy Fon is also an Executive Director at the group, together with Philip Lee Wai Tuck.
